Solana, since November 2023, has become one of the notable altcoins in the cryptocurrency market. By starting a new rise above the $150 resistance, the SOL coin 
price increased by approximately 15%. If Solana surpasses the $165 level, it may continue its rise.
Solana Surpasses $160
SOL price tested the $163 resistance and is currently trading around $162. The hourly chart of the SOL/USD pair shows a break above a significant downtrend line at the $148 resistance level. However, if the pair cannot hold above $158, it is indicated that it could surpass the $165 resistance.
Solana’s price recently formed a support base near the $138 level and entered a new upward trend. Performing better compared to Bitcoin and Ethereum, SOL moved into a positive zone above the $150 level. The pair managed to surpass the $155 resistance and rose above $162. A new weekly high was recorded at $163.90, and the price is currently consolidating gains.
The immediate resistance level is around $165. The next significant resistance is near the $172 level. A successful close above the $172 resistance could pave the way for a larger increase for SOL. The next critical resistance level is around $180. Further gains could direct the price towards the $200 level.
If SOL Coin Declines!
If SOL cannot surpass the $165 resistance, it is likely to enter a downward correction. The initial support on the downside will be around $158, while a larger support could form around $152.
Cryptocurrency SOL’s rise from the $141 low to the $164 high shows the 50% Fib retracement level at around $152. A move below this level could cause the price to test $150. If a close below the $150 support level occurs, the price could pull back towards the $138 support level in the near term.
